Tag Archives: banks

Lebanon has yet to give the IMF its estimate of losses in the financial system as discussions on the issue continue, but is working hard to sign a memorandum of understanding with the Fund by year-end, governor Riad Salameh told Reuters on Tuesday. Disagreements in Lebanon over the size of …

Central Bank Governor Riad Salameh said Wednesday that he has asked a renowned audit firm to audit the transactions and investments that were subject to media “campaigns” against him. Salameh said in a statement that the results of the audit firm invalidated “false information” that he has used public funds …

Head of the Free Patriotic Movement Jebran Bassil asked Monday why Central Bank Governor Riad Salameh hasn’t been prosecuted in Lebanon yet. “Is it acceptable for Salameh to be prosecuted and interrogated in many European countries but not in Lebanon?” Bassil questioned in a tweet. “He is the person most …

The Lebanese Judges Association warned Wednesday against judicial politicization, urging the politicians to stop interfering in the Judiciary and to “let the judicial path go on without abuse.” They said in a statement that “Lebanese politicians tend to destroy anything they deal with.” “They disrupted the economy, looted the banking …

The IMF has begun “preparatory” talks with Lebanon on a new aid package after receiving an official request from Beirut, an IMF spokesman said Thursday. That will be a welcome relief to the new government that is trying to stem an economic crisis the World Bank brands as one of …

Lebanon’s new government aims to make progress towards starting full negotiations for an IMF deal by the end of this year or early next, but is not expecting funds to be dispersed before elections in March, a minister said on Friday. In an interview with Reuters, economy minister Amin Salam …

Lebanese expats in the wealthy UAE, many of them riven with guilt, are scrambling to ship essential goods and medicine to family and friends in their crisis-stricken home country. “How can I sit in the comfort of my home in air-conditioning and a full fridge knowing that my people, my …

Lebanon’s new Prime Minister Najib Mikati, who took office last week promising to revive IMF talks to unlock aid, said on Monday there was no time to lose and no easy path to tackle one of history’s worst economic meltdowns. The new government, formed after more than a year of …

French President Emmanuel Macron will host a new international conference on Lebanon next month on the first anniversary of the Beirut port explosion, after premier-designate Saad Hariri gave up trying to form a government, the foreign ministry announced Friday. Macron will organize the conference on August 4 with the help …

The Palestinian Monetary Authority (PMA) is considering a possible issuance of a digital currency, as a symbolic blow for monetary independence from Israel, Bloomberg reported. Two studies on cryptocurrencies are underway and no decision has been made yet, but the hope is to eventually use digital currency “for payment systems …

In a speech seen as an act of defiance against the Lebanese state and the US, Hezbollah leader Hassan Nasrallah on Wednesday insisted that Lebanon should be “negotiating with Iran to buy gasoline and diesel with the Lebanese currency if Lebanon’s shortages persist.” Seemingly unconcerned about the possibility that this …

Lebanon’s President Michel Aoun approved an exceptional loan of up to 300 billion Lebanese pounds ($200 million) on Monday for the state electricity company to import fuel for generation before supplies run out, an official statement said. Lebanon is mired in a financial crisis, caused by a mountain of debt built …

Lebanon’s central bank yesterday said depositors with accounts active as of October 2019 would be able to withdraw up to $400 a month plus the equivalent amount in local currency, marking a significant concession after a chaotic two days in Lebanese banking. Lebanese banks had locked depositors out of their …

During a private audience in the Vatican with Lebanon’s Prime Minister-designate Saad Hariri, Pope Francis on Thursday confirmed that he wants to visit the country as soon as possible. Vatican spokesman Matteo Bruni told a press briefing attended by Arab News that the pope “reiterated his closeness to the Lebanese …

Iran released on Friday a South Korean ship and its captain detained since January after South Korea promised to try to secure the release of Iranian funds frozen in South Korean banks under U.S. sanctions, a South Korean official said. The Iranian foreign ministry said the chemical tanker, HANKUK CHEMI, …

Protesters blocked some roadways in Lebanon for a second day on Wednesday after the currency’s fall to a new low further enraged a population long horrified by the country’s financial meltdown. In the past year, Lebanon has been through a popular uprising against its political leaders, the bankruptcy of the …

Lebanon’s leading Sunni Muslim politician, former Prime Minister Saad al-Hariri, called for the restoration of a French plan to lift the nation out of its worst financial crisis since its 1975-1990 civil war. Former colonial power France, which has led foreign aid efforts, has tried to rally Lebanese leaders to …

Lebanon’s parliamentary speaker said his group opposed the way the prime minister-designate was forming a new cabinet and that it would not join on those terms, but that he would still cooperate to stabilise the nation in crisis, his office said. The office of Nabih Berri, head of the Muslim …

Lebanon’s Information Minister Manal Abdel Samad announced on Sunday her resignation, citing the failure of the government to carry out reforms and the catastrophic explosion that rocked Beirut on Tuesday. UPDATES Lebanon’s Christian Maronite Patriarch Bechara Boutros al-Rai called on the cabinet on Sunday to resign if it cannot “change …

As Beirut mourns its dead and grapples with the scale of rebuilding after this week’s massive blast, some Lebanese activists planned to demonstrate in the city on Saturday, angered by the government’s response to the disaster. Tuesday’s port explosion, the biggest in Beirut’s history, killed 154 people, injured 5,000 and …

Lebanese rescue workers dug through rubble looking for survivors of a powerful warehouse explosion that shook the capital Beirut, killing 100 people and injuring nearly 4,000 in a toll that officials expected to rise. Tuesday’s blast at port warehouses storing highly explosive material was the most powerful in years in …

France told Lebanon on Thursday that it had no option but to accept an IMF deal to help it out of a dire financial crisis and that Beirut must enact reforms urgently if it is to win foreign aid. Lebanon desperately needs such aid as it wrestles with a financial …

Zawqan Abdelkhalek, a nurse at the American University of Beirut’s (AUB) medical centre since 2012, was laid off on Friday along with hundreds of colleagues as even hospitals buckle under the weight of Lebanon’s economic collapse. “I have a baby daughter, I need to get her food and water and …

Lebanon’s top Christian cleric stepped up criticism of the Iran-backed Shi’ite group Hezbollah and its allies without naming them on Sunday, saying Lebanese rejected being isolated from their allies and driven into decline. Lebanon is suffering a financial meltdown which marks the biggest threat to its stability since the 1975-90 …

Saudi Arabia said on Wednesday it had completed the first batch of its flour milling sector privatisation, according to a statement by the state grain buyer and privatisation centre. The long-awaited flour mills sale was one of the first privatisations the kingdom planned as part of a wide-reaching overhaul of …

One Lebanese woman asked for sugar, milk and soap in exchange for a child’s dress. Another wanted canned goods in return for gym equipment. A 65-year-old seamstress now exchanges her sewing services for food, because her clients can no longer afford to pay her. Bartering on Facebook has become the …

Dozens of people lay flowers on a main Beirut street where a man killed himself on Friday, with some blaming his death on the country’s economic collapse that has left more and more Lebanese hungry. Reuters could not establish the motive for the apparent suicide. The 61-year-old man shot himself …

As accelerating poverty fuels anger, despair and fear of a social explosion, efforts by Lebanon’s ruling elite to salvage the country from a financial meltdown with IMF help seem to be going in reverse. A country known across the Middle East for its glamorous lifestyle and commercial savoir faire now …

By : Siba El-Samra   The shortage of public spaces, as well as walking and biking infrastructure in Lebanon, is not a new problem. During a pandemic, this shortage becomes time-critical and even more life-threatening, especially in dense Beirut. As cities around the world look to find ways to live with …

The balance of the UAE Central Bank’s deposit certificates rose to record levels during the first half of 2019, reaching around AED155.8 billion at the end of June, according to statistics issued by the bank highlighting its policy of withdrawing surplus liquidity. The value of surplus liquidity withdrawn in June …

The Abu Dhabi Executive Council has issued a resolution to waive the one percent fee collection when refunding the security deposit paid for the value of temporarily imported goods, reducing operating costs for companies in and trading with the UAE. In line with the Government’s strategic plan to strengthen Abu …

A delegation from Sharjah Finance Department, SFD, has visited Tokyo, Japan, and met with key Japanese finance officials to discuss various possibilities that can help bolster relationships between the two sides. The meetings were held at the Japan Bank for International Cooperation, JBIC, and was attended by Sharjah’s delegation headed …

The Financial Services Regulatory Authority, FSRA, of Abu Dhabi Global Market, ADGM, today issued its regulatory framework for Digital Investment Managers (also known as ‘robo-advisors’), operating in ADGM. Digital Investment Managers provide investment management services using algorithm-based tools and technology to interact with more tech-savvy clients. This technology allows investment …

The Dubai Land Department, DLD, represented by its regulatory arm, the Real Estate Regulatory Agency, RERA, signed a memorandum of understanding, MoU, with the Arab Bank for Investment and Foreign Trade, Al Masraf, to manage and service the Owners Association, OA, accounts. The MoU was signed by Marwan bin Ghalita, …

A UAE delegation attended the fourth annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB). Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, is mandated to represent the UAE at the Bank’s meetings and events and on its board. …

The Financial Services Regulatory Authority, FSRA, of the Abu Dhabi Global Market, ADGM, has announced local and global applications to establish digital banks in its International Financial Centre based in Abu Dhabi as digitalisation has led to a rapid transformation of the banking industry. This initiative comes in response to …

The Abu Dhabi Securities Exchange, ADX, recently met with an executive delegation from Morgan Stanley to discuss how to develop business relations between both entities. Khalifa Salem Al Mansouri, Acting Chief Executive of the ADX, said, “This was a valuable introduction for the ADX. Developing business relations with such a …

Etihad Credit Insurance, ECI, has signed a Memorandum of Understanding, MoU, with the Corporate Banking division of Emirates NBD to empower the UAE-based firms in strengthening their presence regionally and internationally by providing them access to ECI’s trade credit insurance solutions and Emirates NBD Corporate Banking’s customised products. This cooperation …

The Electricity Tariff Incentive Programme, ETIP, which was launched in line with the Abu Dhabi Development Accelerators Programme, “Ghadan 21”, is expected to contribute to the increase in capital of companies, which will enable them to further develop their industrial products, enhance their business value, and improve their competitiveness across …

The OPEC Fund for International Development, OFID, and Ameriabank have signed a US$25 million loan agreement aimed at supporting trade flows to and from Armenia. Cooperation between OFID and Ameriabank dates back to 2015. The first facility supported Small- and Medium-sized Enterprises, SMEs, in Armenia across a diverse range of …

Dubai Aerospace Enterprise, DAE, announced Thursday that it has signed a new long-term unsecured revolving credit facility with First Abu Dhabi Bank PJSC and HSBC Bank Middle East Limited as bookrunners and mandated lead arrangers. Following an oversubscription in syndication the Facility was closed at an amount of US$440 million …

The Authority of Social Contribution, Ma’an, has extended the deadline for its Ma’an Social Incubator, MSI, Programme till 13th July, 2019, due to the growing interest in the MSI from the public and social entrepreneurs in the UAE, the region and the rest of the world. The programme has already …

Qatar has placed further restrictions on First Abu Dhabi Bank, the United Arab Emirates’ largest lender, as it continues a probe into alleged currency manipulation begun after the UAE and other Arab states launched a boycott against Qatar in mid-2017. The Regulatory Authority of Qatar Financial Center (QFC) said on …

Trade Bank of Iraq, Standard Chartered (STAN.L) and General Electric (GE.N) closed a $600 million financing agreement to fund a power project in Iraq, the trio said on Sunday. Aimed at delivering more than two gigawatts of new power to Iraq, the ‘Power up Plan’ was part of the country’s …